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If one director has realized that profits will not be enough for distribution of dividends and still allow other directors to propose dividends when the profit is unavailable who will be liable?
2. If a director has taken a loan of $5000 must there be approval of the members of the company?
3. If a director desires to continue being a director after one year must there be approval of the members of the company?
4. Must there be approval of the members of the company on determining the amount of remuneration to be paid to a director?All directors who know that there is not sufficient in the form of distributable profits will be liable
2) no, it’s below the de mini is limit
3) if it’s an FTSE 350 company, then all the directors that wish to serve must be reelected by the members each year
If it’s a public company but not an FTSE 350 company, then directors serve for three years (this may have changed recently to two years)
If it’s a private company no need for directors to be reelected
4) no, remuneration levels are set by the directors themselves, with safeguards particularly for public companies
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